Crude Oil cruising towards year high
Crude Oil (WTI) is going high everyday. As I write this article it stands at 108.56 and shows no signs of moving down. If it goes like this then very soon we would see crude oil at $115 which is my target for now. It would probably consolidate around those levels before again taking a leap to $120 which is my final target. Off course if situation in Iran becomes completely war like then even $140 is possible. On the other hand if Greece defaults and Euro region goes into recession or EU breaks up then situation would be different. Though it would be interesting to see what happens if both the events occur simultaneously.
Here is how Crude Oil performed today:
Here is the weekly chart for Crude Oil showing how crude is ready to reach yearly high now.